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Cognitive Services Market 2024 Competitive Landscape, Industry Analysis, Segmentation And Forecast To 2033
Cognitive Services Market
Cognitive Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $64.53 billion In 2028 At A CAGR Of 38.5% :
The cognitive services market size has grown exponentially in recent years. It will grow from $12.9 billion in 2023 to $17.55 billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to rising demand for automation, data explosion, enterprise adoption, improved natural language processing (nap) (2018-2021), global events and remote work (2020-2021).
The cognitive services market size is expected to see exponential growth in the next few years. It will grow to $64.53 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The growth in the forecast period can be attributed to enhanced user experiences, industry-specific applications, enhanced personalization. Major trends in the forecast period include global digital transformation, increasing AI integration, technological advancements, customization and industry-specific solutions.
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Cognitive Services Market Major Segments
The cognitive services market covered in this report is segmented -
1) By Service Type: Data Transformation, Cloud and Web-Based Application Programming Interface, Knowledge Management, Cognitive Risk Intelligence, Data Integration and Cognitive Automation, Training and Support, Communication Monitoring, Consulting and Advisory, Other Service Types
2) By Deployment: On-Premises, Cloud
3) By Technology Type: Natural Language Processing, Machine Learning and Deep Learning
4) By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications
5) By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users
Key Driver - Elevated Data Volumes Fuel Growth In Cognitive Services Market
An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the cognitive services market growth.
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Prominent Trend - Tech Advancements Drive Momentum In Cognitive Services Market
Technological advancement is a key trend gaining popularity in the cognitive services market. Major players operating in the cognitive services sector is focused on developing and implementing new technologies to meet consumer demand and reinforce their position. For instance, in May 2022, Microsoft Corporation, a US-based technology company expanded the Azure OpenAI service with the help of InstructGPT. InstructGPT is a collection of GPT-3-based models that are less faulty and do not generate as much problematic text as their rivals.
Cognitive Services Market Players
Major companies operating in the cognitive services market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Group, SK Inc., LG Corp., Accen*ture plc, IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, Cisco Systems Inc., Ernst & Young Global Limited, Qualcomm Technologies Inc., Oracle Corporation, KPMG International Limited, SAP SE, Tata Consultancy Services Limited, Nokia Corporation, Capgemini SE, NEC Corporation, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., HCL Technologies Limited, Atos SE, Wipro Limited, Fujitsu Limited, SAS Institute Inc., BMC Software Inc., Attivio Inc., Enterra Solutions LLC
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Largest And Fastest Growing Region In The Market
North America was the largest region in the cognitive services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cognitive Services Market Report Structure
3. Cognitive Services Market Trends And Strategies
4. Cognitive Services Market - Macro Economic Scenario
5. Cognitive Services Market Size And Growth
…..
27. Cognitive Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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